Carrier Global(NYSE) CARR

Carrier makes systems that heat and cool homes and large buildings. It helps businesses keep food and medicine cold during long trips. The company also provides safety tools like fire alarms and security cameras.

What Carrier Builds

• Climate Solutions: Air conditioners, heat pumps, and building automation systems for homes and offices; includes brands like Carrier and Viessmann.
• Refrigeration: Cooling systems for trucks, trailers, and shipping containers; ensures items like food and medicine stay fresh during transport.
• Fire and Security: Detection and suppression tools including smoke alarms, fire extinguishers, and video monitoring systems.
• Digitally-Enabled Solutions: Cloud-based platforms like Abound and Lynx that use data to track cargo and optimize building energy use.

New Moves and Big Changes

• Acquired the Viessmann climate solutions business on January 2, 2024, to expand residential heating and energy offerings in Europe.
• Sold the Commercial and Residential Fire, Access Solutions, and Industrial Fire businesses during 2024 to simplify the company structure.
• Divested the Commercial Refrigeration business in 2024 as part of a plan to focus on core climate and energy solutions.
• Entered an agreement on December 16, 2025, to sell the Riello thermal solutions business to Ariston Group.

What Makes the Business Different

Carrier operates a global network with 52% of sales coming from international markets as of 2025. The company uses its own framework called Carrier Excellence to improve manufacturing efficiency and lower costs across its 47,000-person workforce.

The Financial Scorecard

• Net sales reached $21.7 billion for the full year 2025, with international operations and exports accounting for 52% of that total.
• Operating profit for the 2025 fiscal year was $2.2 billion.
• Revenue for Q4 2025 was $4.8 billion, down 6% from $5.1 billion in Q4 2024.
• Free cash flow rose to $882 million in Q4 2025, up from a loss of $85 million in the same quarter the previous year.
• Operating income for Q4 2025 was $101 million, down 87% from $774 million in Q4 2024.

Evolution and Strategy

Carrier has transformed into a specialized provider of climate and energy solutions by selling off its traditional fire and security assets. This shift focuses the company on high-growth areas like building electrification and digital monitoring services.